Platinum Equity acquires Club Car for $1.7 billion

In a transaction valued at approximately $1.7 billion, equipment manufacturer Ingersoll Rand has agreed to sell Club Car to global investment firm Platinum Equity. The acquisition is expected to be completed by the third quarter of 2021.

Club Car, a global manufacturer of golf cars, utility, personal transportation and other low-speed vehicles, was founded in 1958 and is headquartered in Augusta, Ga. The business has been owned by Ingersoll Rand since 1995.

“We are grateful for the dedication and commitment Club Car employees have had over the years to make their business a success,” said Vicente Reynal, CEO of Ingersoll Rand. “We believe Platinum is well equipped to ensure a seamless transition and is the right partner to help Club Car achieve its next phase of growth and evolution.”

In addition to its leadership in fleet golf cars, Club Car manufactures a growing line of products for consumers and for commercial customers, including hotels and resorts, college campuses, airlines, theme parks and rental companies.

Club Car President Mark Wagner, who will continue to lead the company under Platinum Equity’s ownership, said demand for electric vehicles across many product platforms and geographies is at an all-time high.

“Golf remains a very stable, healthy business while our consumer and commercial markets are rapidly growing around the world,” Wagner said. “As our product line and geographic reach have expanded, so has the complexity of our business.”

Technology has played an important role in the company’s strategy across core and emerging segments. Built-in vehicle entertainment and interactive tools like Club Car Connect, the Shark Experience and Visage Fleet Management offer video, streaming music and news, as well as revenue-generating course and fleet management tools for course operators. Additional technology-driven offerings include the Tempo Walk autonomous caddie that caters to golfers who prefer walking rather than renting a car.

Platinum Equity expects those types of innovations to continue and will look both inside and outside the company for additional opportunities to grow revenue and enhance or expand products and services.

 

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